Learning dynamic prices in MultiSeller electronic retail markets with price sensitive customers, stochastic demands, and inventory replenishments

@article{Chinthalapati2006LearningDP,
  title={Learning dynamic prices in MultiSeller electronic retail markets with price sensitive customers, stochastic demands, and inventory replenishments},
  author={V. L. Raju Chinthalapati and N. Yadati and R. Karumanchi},
  journal={IEEE Transactions on Systems, Man, and Cybernetics, Part C (Applications and Reviews)},
  year={2006},
  volume={36},
  pages={92-106}
}
In this paper, we use reinforcement learning (RL) as a tool to study price dynamics in an electronic retail market consisting of two competing sellers, and price sensitive and lead time sensitive customers. Sellers, offering identical products, compete on price to satisfy stochastically arriving demands (customers), and follow standard inventory control and replenishment policies to manage their inventories. In such a generalized setting, RL techniques have not previously been applied. We… CONTINUE READING
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